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SiriusXM Reports Flat Revenue In Q2 As Paid Satellite Radio Subscribers Dip.

SiriusXM reported second quarter revenue of $2.25 billion, which was flat with a year earlier. Of that total, $1.7 billion came from its flagship satellite radio business. The company reports its net income climbed to $310 million while its adjusted earnings rose three percent to $702 million for the quarter. SiriusXM’s satellite business saw its self-paying subscribers decline by 132,000 year-over-year while total subscribers were flat at 34 million as of June 30.

SiriusXM's Chief Financial Officer Thomas Barry called it a “solid second quarter performance” and said they expect to continue to see improving financial and operating performance in the second half of the year.

On the heels of a price hike implemented last fall, CEO Jennifer Witz told analysts SiriusXM is also evaluating how it charges for its various content packages. She said that research will help the company “evolve” its pricing strategy in the coming year. “We believe there is demand if we repackage and perhaps create packages with less content,” she said Tuesday. “We’re going to go through some testing in the next few months to actually prove this out.”

Monthly active users at its Pandora streaming audio segment continued to erode, declining 6% year-over year to 47.4 million from 50.5 million in the second quarter of 2023. Total ad-supported listener hours at Pandora decreased 4% to 2.73 billion, from 2.84 billion in the 2022 period.

SiriusXM is gearing up to relaunch what it calls its next generation product experience later this year. The new platform aims to make it easier to discover and personalize its content, improve the user experience and enhance engagement across multiple devices. The goal is to highlight its depth and breadth of its content so as to be more attractive to diverse listener interests and preferences.

In a press release, Witz, said the audio giant remains focused on “reinforcing SiriusXM's distinct and leading position in the audio entertainment industry with new curated live content and by enhancing control and discovery across our platforms. We made significant advancements this quarter in building our next generation platform and are excited to announce a preview event to come this fall."

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